Estate Planning

Estate Planning

An estate plan is more than having a will or revocable living trust. It involves crucial planning to ensure that your assets are transferred according to your wishes and that your estate can be administered efficiently and effectively while at the same time minimizing taxes and fees.

You may be wondering:

  • What is the difference between a Will and a Revocable Living Trust, and which one should I use?
  • What taxes will apply to my estate after my death, and how can I minimize them?
  • How should I plan for my minor or disabled children or grandchildren?
  • Who should I list as beneficiary of my retirement accounts if I have minor children?
  • What is the difference between a Power of Attorney and an Advance Directive?
  • Do I need a Power of Attorney if I’m married?
  • Who has the authority to make end-of-life decisions for another person?

The estate plan we create with you is an action plan for your life and your death. We spend time learning about your life situation, your family and loved ones, and your goals. We examine your financial and tax situation, life plan, health concerns, and government benefits that may be available. A comprehensive estate plan addresses both incapacity and end of life issues, and provides a roadmap for carrying out your wishes. Planning ahead provides you with peace of mind by ensuring that your family, your loved ones, and your assets are secure in the face of life’s uncertainties.

Elements of an Estate Plan:

When establishing an estate plan, you can trust us to give you and your family personal attention, and then prepare the documents necessary to protect you and your loved ones, both today and in the future.  These may include:

We will work with you to prepare a Will that details your desires regarding the division of your assets and the administration of your estate.  In your Will, you can nominate a trusted individual to serve as your Personal Representative and manage the process. This prevents conflict and costly negotiations down the road, and ensures that your wishes are known and acted upon. We consider all relevant circumstances when drafting your Will, including tax considerations and complicated beneficiary situations.

We will discuss with you whether a Revocable Living Trust (“RLT”) is appropriate for your life situation.  A RLT is similar to a Will in that it allows you to lay out your wishes regarding the division of your assets and the administration of your estate.  However, unlike a Will—which must go through a court-supervised probate process after you die—a RLT empowers your Trustee to carry out your wishes without court involvement.  In addition, a RLT provides for management of your assets should you become disabled during your life.

We will help you legally designate an Agent in a Power of Attorney, allowing the named individual to manage your financial affairs. A Power of Attorney allows your chosen Agent to act on your behalf for a wide variety of financial matters if you are unable to do so. A carefully drafted Power of Attorney will give you peace of mind, ensuring you know that critical decisions regarding your financial well-being are always in good hands.

We also include an Advance Directive in your estate plan. The purpose of an Advance Directive is twofold: first, it appoints a Health Care Representative to make medical decisions for you if you are unable to make or communicate those decisions yourself; and second, it lays out your wishes regarding end-of-life care, such as whether you want to receive life support and tube feeding. An Advance Directive ensures that your loved ones are able to advocate for you in the medical context while relieving them of the weighty burden of life support decisions.

Upon a person’s death, both the federal government and the States of Oregon or Washington may assess a tax on the deceased person’s estate, depending on the value of the estate when the person died. Our firm has extensive experience analyzing estate tax issues and preparing estate tax returns.

Reach out to Us

For individuals with disabilities who need to protect their own funds, Special Needs Trusts are often indispensable. With just a little planning, you can get on the road to protecting your own assets or those of your loved one with disabilities. Call us today:

(503) 248-9535(503) 248-9535